Macao is no longer a city that runs primarily on gambling, according to the city’s outgoing Chief Executive (CE) Ho Iat Seng.
In interviews with mainland Chinese media, the SAR’s top official – who hands over the reins to CE-designate Sam Hou Fai on 20 December – said that Macao had been pursuing economic diversification because “in the face of uncertainties, such as the pandemic,” the casino dependent economy “found it difficult to withstand risks.”
He told China Daily that gambling accounted for 37.2 percent of Macao’s GDP, while the non-gambling sector exceeded 60 percent. “It means that we’re shifting away from a gaming-dominated economy,” he said.
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According to Global Times, Ho’s administration “prudently handled the revision of Macao’s gaming laws and the new round of gaming concession bidding, implementing stricter regulations on the gaming industry and clearly defining the direction for the development of non-gaming sectors,” in its bid to wean Macao off casinos.
Developing Macao as a more rounded destination, suitable for family and cultural tourism, is a key part of the strategy. “We are committed to showcasing the city’s unique charm, which includes the blend of Chinese and Western cultures, the rich cuisine, and more. We encourage visitors to delve deeper to understand Macao, and not just see it as a destination for casino gaming,” Ho said.
At the same time, the local administration remains almost entirely dependent on casino taxes. Official figures show that gambling taxes amounted to 81.2 percent of revenue between January and October.
